The US Secret Service said it seized US$102 million in cryptocurrency from criminals in fraud-related investigations.
The Secret Service said its agents and analysts actively track the flow of Bitcoin (BTC) and other cryptocurrencies on the blockchain, looking for illegal activity. Best known for protecting presidents, the Secret Service also conducts financial and cybercrime investigations in the United States.
The seizure of US$102 million in illegal cryptocurrencies involved 254 cases dating back to 2015, according to the government agency.
These cases include an investigation with the Romanian National Police in which 900 victims across the United States were targeted. This scheme involved posting fake advertisements on popular online auction and sales websites for luxury items that did not exist.
Other cases targeted a Russian cybercrime syndicate that used a cryptocurrency exchange to launder funds as well as a ransomware operation linked to Russian and North Korean criminals in which Bitcoin payments by US companies for stop attacks were sent to the suspects’ cryptocurrency wallets.
The Secret Service said they discovered the thieves would transfer stolen Bitcoins and other digital currencies into stablecoins. Thus, in order to monitor this activity, the agency closely monitors the stablecoin market.